Bigbasket is India’s largest online food and grocery store. With over 18,000 products and over a 1000 brands in their catalogue you will find everything you are looking for at a single place. They currently cater to the population of Bangalore, Hyderabad, Mumbai, Pune, Chennai, Delhi, Noida, Mysore, Coimbatore, Vijayawada-Guntur, Kolkata, Ahmedabad-Gandhinagar, Lucknow-Kanpur, Gurgaon, Vadodara, Visakhapatnam, Surat, Nagpur, Patna, Indore and Chandigarh Tricity.
Bigbasket was founded by Fabmall founders VS Sudhakar, Hari Menon, VS Ramesh, Vipul Parekh, and Abhinay Choudhari in 2011. The company has to date raised about $305.8 Mn spread across six rounds. Most recently, in March 2017, Bigbasket raised about $6.9 Mn (INR 45 Crore) venture debt from Trifecta Capital.
As part of the latest development the Bangalore-based online grocer has received a positive nod from the government on its investment proposal for FDI in food retail. Hari Menon co-founder and CEO of Bigbasket confirmed the development to a leading Financial Daily. While speaking about the development he mentioned that the company has received government approval for FDI proposal to undertake retailing of food products, which are manufactured or produced in India.
With this government approval, Bigbasket may also have to spin off a separate entity to entail the proposed FDI in food retail. This leads way for Alibaba to invest in the fast growing grocery segment.
The company had applied for the approval in September 2016. It had proposed an investment of about USD 16.5 million. With the recent nod on its FDI proposal, Bigbasket will soon battle against Amazon and Grofers to capture a major share of food retail.